At a Victorian auction whose rules permit vendor bids, the seller's son plans to call out a bid from the crowd to help the price. What is the position?
Correct Answer
B) Only the auctioneer may make vendor bids, so he must not
Consumer Affairs Victoria says only the auctioneer may make vendor bids, and the law prohibits vendor bids by anyone else. Vendor bids are allowed only where the displayed rules permit them, and must be announced. It is an offence to arrange for another person to make an unlawful bid.
Why This Is the Correct Answer
In Victoria vendor bids can be made only by the auctioneer.
Why the Other Options Are Wrong
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- → An agent in NSW quotes a property at $800,000-$850,000 but sets the reserve at $900,000. Three weeks later, the agent receives feedback that most buyers are interested at $820,000-$840,000. What should the agent do to comply with underquoting legislation?
- → In NSW, a buyer signs a private treaty contract for an established home and changes their mind two days later. When can they withdraw, and at what cost?
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- → In NSW, if a property is passed in at auction, what are the vendor's immediate options?
- → In NSW, the auctioneer takes a bid on the vendor's behalf without announcing it as a vendor bid, and the property is then knocked down to a genuine bidder. What is the legal position?
- → On auction morning a NSW vendor tells the auctioneer she will text her reserve price once she sees how bidding goes. What do the auction conditions require?
- → A married couple intend to bid together at a NSW residential auction to buy the house jointly. What registration is required?
- → Before a NSW residential auction, the vendor asks the auctioneer to make two vendor bids if bidding stalls, both announced as vendor bids. What must the auctioneer tell the vendor?
- → A buyer arrives to register at a NSW residential auction with only her overseas passport, which does not show her address. What will allow her to register?
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